Bangladesh, Aug. 9 -- For more than two decades, global health financing has helped transform healthcare outcomes across much of the developing world. International aid has supported vaccination campaigns, strengthened disease surveillance, expanded access to essential medicines and contributed to significant declines in child and maternal mortality. Yet while these achievements are undeniable, the financial architecture underpinning global health has also created structural weaknesses that are becoming increasingly difficult to ignore.

As donor priorities shift, geopolitical tensions intensify and public budgets come under pressure, the traditional model of development assistance is facing its greatest test in decades. Rather than viewi...